Drake Software blog for tax pros, covering tax, IRS news, and more
The Internal Revenue Service continues to send out Economic Impact Payments (EIPs), aimed at helping Americans though these tough economic times.…
Read more about IRS Wants Help Raising Awareness of EIP Eligibility for Homeless Americans
The Internal Revenue Service is once again warning taxpayers who are involved in abusive micro-captive insurance schemes that they need to get out of those arrangements—and quickly.…
Read more about IRS Issues Another Abusive Micro-Captive Arrangement Warning
While the deadline for filing federal income taxes has been pushed back to May 15 because of the COVID-19 pandemic, those who file an annual Report of Foreign Bank and Financial Accounts (FBAR) still face their same April 15, 2021 due date.…
The American Rescue Plan Act brought a third round of Economic Impact Payment and plenty of changes to tax credits, including how the agency approaches the Premium Tax Credit (PTC).…
Read more about Taxpayers Don't Have to Repay Excess APTC for TY2020
The IRS has unveiled guidance that temporarily throws open the gates to recouping 100 percent of the expense for certain food and beverage purchases. The new rules for this business deduction went into effect on Jan.1 of this year.…
Read more about Guidance Explains Temporary Increase in Food and Beverage Deduction
CPA Practice Advisor surveys its readers every year to learn what they think about the software and hardware used in their tax and accounting firms, publishing the results as their Readers’ Choice Awards.…
Read more about Drake Wins 5 Categories in 2021 CPA Practice Advisor Readers’ Choice Awards
Some taxpayers are getting a little something extra this tax season, along with claiming the 2020 Recovery Rebate Credit. The little extra is a letter from the Internal Revenue Service because some taxpayers may not be getting the amounts from the RRC they expected.…
Employees of three federal agencies are keeping very busy these days, sending out the millions of Economic Impact Payments (EIPs) to Americans in need.…
Read more about More Than 130 Million EIPs Have Been Sent Out with More to Come
Major tax legislation usually causes a period of confusion as taxpayers and tax professionals wait for official guidance on complex provisions. The American Rescue Plan Act of 2021 is no different.…
Read more about Consider Amending Returns That Didn’t Take Unemployment Compensation Exclusion
Students and their higher-education institutions are getting a clearer picture of how to report pandemic-related emergency financial aid grants. Or not.…
Read more about Emergency COVID Aid to Students Deemed Not Taxable
